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The Actuary The magazine of the actuarial profession

State pension set for 2.7% increase

The state pension is likely to increase by £2.97 next year to just over £113 a week, after the consumer price index measure of inflation was found to be 2.7% in the year to September. 


Annual increases in pensions are currently linked to whichever is the highest – wages, CPI inflation or a baseline of 2.5% – following a government pledge to protect the incomes of pensioners. Today’s inflation figure, published by the Office for National Statistics, gave an early indication of the increase pensioners can expect to receive for 2014/15.

The current state pension is £110.15 a week. A 2.7% inflation-linked increase would take it to £113.10.

The introduction of the new state pension rate will not be confirmed until the Autumn Statement, scheduled for December 4. Changes would be implemented by April 14 2014.

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